Financing ·
KLX raises $37.2M via rights offering; backstop holders exchange $87.8M of notes for shares
KLXEKLX Energy Services Holdings, Inc.
KLX Energy Services Holdings, Inc. updated its third quarter 2026 revenue guidance to $180 million–$185 million and adjusted EBITDA margin to 13%–14%, citing a full quarter of contribution from the Wolf Pack acquisition and expected synergy targets. The company also announced preliminary results for its subscription rights offering, which raised gross proceeds of $37.2 million at a price of $1.49 per share through the exercise of approximately 6.4 million basic rights and over-subscription privileges. Of these proceeds, $6.2 million will be used to redeem 2030 Notes at par plus accrued interest, while the remaining funds support general corporate purposes. Additionally, backstop holders are set to exchange $87.8 million of notes for approximately 59.3 million shares in a related Backstop Exchange, reducing outstanding note principal by $94.0 million upon completion. KLX Energy Services Holdings, Inc. is an oilfield services provider offering drilling, completion, production, and intervention activities for onshore oil and natural gas exploration companies.